wouldnt get the morgage because i have an iva

[tomo2000]

hello. i am currently thinking about taking an Iva . i am in a working partnership were we have a small business, and may well look into buying are 1st property in a couple off years. by then we will have enough money to put down a depoist . but i am worring that no matter what the size of the depoist we put down even if it was 50% we wouldnt get the morgage because i have an iva . so basically would it affect my partnership and my bank . i piont out that they are none of my creditors that i owe money too. can u give me any answers thank you

[s.b.w]

If your putting down 50% and have kept your nose clean for a good couple of years there's nothing saying you couldn't get a mortgage.

Sharon

[Adam Davies]

However that deposit must come from your business partner or a third party as all your disposible income will have to be paid into your IVA
Regards

[MelanieGiles]

Hi tomo

Andy is right in that you will not be permitted to save up towards a deposit whilst you are in an IVA, unless you improve your business profits whereby any additional income is divided equally between you and your creditors (after the first 10% which is yours to keep in total).

What line of business are you in and how much do you owe to creditors? It might be worth putting the home ownership desire to the background for while.